FOR IMMEDIATE RELEASE
Tanya Baker, Marketing and Communications Director
LANSING, Mich. — The State of Michigan’s fiscal year 2021 budget will provide a $1 million grant for Michigan Saves, the nation’s first nonprofit green bank.
The state budget, which is headed to Gov. Gretchen Whitmer’s desk to be signed into law, includes $1 million in general fund monies. These funds, granted by the Michigan Public Service Commission, will help Michigan Saves provide commercial, residential and public entities with credit enhancement tools to implement renewable energy and energy-efficiency improvements. These tools may include a loan loss reserve fund.
“We applaud Governor Whitmer and the Michigan Legislature for making a critical investment in Michigan Saves that strongly supports the energy needs of Michiganders and our state’s environmental future,” said Mary Templeton, Michigan Saves’ president and CEO. “This budget helps position Michigan on a long-term path toward a clean energy landscape in which everyone — no exceptions — can access the benefits of energy efficiency and renewable energy resources.”
To date, Michigan Saves has enabled nearly $270 million in clean energy financing while supporting job creation and energy independence. The State of Michigan created Michigan Saves in 2009 to serve as the state’s green bank. Since then, the organization has successfully leveraged private dollars to build residential and commercial programs that are at scale and available to the state’s energy consumers.
About Michigan Saves
Michigan Saves is a nonprofit dedicated to making energy improvements easier for all Michigan energy consumers. To accomplish this, Michigan Saves makes affordable financing and other incentives available through partnerships with private-sector lenders. We also authorize and monitor a network of contractors and recognize those with advanced training. Our current portfolio includes programs for residential, commercial, multifamily and municipal customers, and supports energy-efficiency, geothermal and solar photovoltaic projects. For more information, visit www.MichiganSaves.org.